Crane Company had the following assets on January 1, 2022.

Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $59,000 Jan. 1, 2012 10 $0
Forklift 18,000 Jan. 1, 2019 5 0
Truck 24,400 Jan. 1, 2017 8 3,000

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,800. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021.

DateAccount and explanationDebitCredit

Jan 1,2022Accumulated Depreciation$59,000

Machinery $59,000

(To machinery retired on Jan 1)

June 30,2022Depreciation expenses($3,600*6/12)$1,800

Accumulated Depreciation($3,600*6/12) $1,800

(To depreciation charged for 6 months)

June 30,2022Cash$10,800

Accumulated Depreciation$12,600

Gain on isposal of Forklift $5,400

Forklift $18,000

(To Forklift disposed with profit)

Dec 31,2022Depreciation expenses$2,675

Accumulated Depreciation $2,675

(To depreciation charged for year)

Dec 31,2022Accumulated Depreciation$16,050

Loss on retiremnt$8,350

Truck $24,400

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